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History Farmers State Bank has grown from its early years when
it opened for business on January 3, 1902, with $10,000.00 capital stock to
$116,115,108 in assets on December 31, 2005.
The officers were J. W. Wright, President; W. P. (Judge) Duncan, Vice President; I. S.
Rambo, Cashier; and R. F. McDade, Assistant Cashier. Directors were J. W. Wright, W.
P. Duncan, I. S. Rambo, E. E. Hunter, J. G. Butler, R. E. Donnelly, J. N. Wills, and J. C.
Butler.
The original charter was granted in the name of Citizens Bank of Mountain City;
however, this was amended, when the bank opened its doors for business. It opened in
its present location as the Merchants and Traders Bank.
Col. I. S. Rambo died in June 1923 and J. W. Wright resigned as president in 1926.
He was succeeded by E. E. (Ed) Butler, until Butler's death in December 1930.
I. W. Nave succeeded Senator Butler as president and served the bank until his
retirement in 1973. R. J. Howard, who had been with the bank since August 1918, was
elected president and served until his retirement in 1976. John H. (Jack) Muse
succeeded Mr. Howard as president. Mr. Muse began his employment with Farmers State
Bank in 1940. He relinquished the title of president in 1999.
He retired in 2002 relinquishing the title of Chief Executive Officer.
Farmers State Bank has had only seven presidents during its history. To better
understand the growth of Farmers State Bank, it should be remembered that the Merchants
and Traders Bank consolidated with the Bank of Mountain City in 1934 under the new name of
Farmers State Bank. Consolidated total resources amounted to $402,226.14. The
bank remained open during the Great Depression and no director or stockholder lost any of
the money as in other banks that closed.
A substantial part of Farmers State Bank's growth has occurred since
December 31, 1974. Assets increased from $17,976,792 to
$116,115,108 on December 31, 2005.
From 1940 to the present, the bank has gone through six remodeling stages. In
April 1973, the bank expanded its operations with its first branch on Highway 421 and in
April 1979, its second branch was built at Butler. All this was done for the purpose
of better serving its customers and the general public, and to improve the working
conditions of its staff which has grown from five officers and employees in 1940 to
39 in
2005.
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